Owning a vactaion home can be a great way to invest in real estate and, at the same time, have a great place to get away.
If you have considered buying a vacation property, your timing can make a difference in your purchase price.
A beach house can sell for slightly less in the off season (when it is not generating income) than it will in the summer when it is probably paying for itself. The same goes for a ski chalet; if you buy during ski season, you will probably pay a premium.
Being willing to carry the costs of the house during the off season is one of the requirements of vacation home ownership. When an owner decides it is time to sell, minimizing their off-season carrying costs can make your offer attractive.
Besides interest rates being so low now, many people have cut back on expenses and vactation homes are readily available.
I don't work in a vacation area, but I have owned vacation homes for years and watch the market closely. I can help you find an experienced professional to help you buy your vacation property anywhere in the world. Working with an experienced, trustworthy Buyer's Agent is important since you won't be physically there most of the time. An experienced Buyers Agent can also help you understand the nuances of a vacation community so that you buy a house that will be a good investment.
Be prepared to buy your vacation home fully furnished. Most (but certainly not all), vacation rental properties come fully furnished and stocked. You may get the best deal on a property that needs new furniture and kitchen supplies. Owners often lose interest in their property when an overhaul is required. Plan to stay in your home after the purchase and think about what you would need to have a perfect vacation. Buy these items--and be prepared to replace them regularly! Even furnture and appliances are a commodity in a rental home. Make sure that you put aside money for replacements as you manage the property. Our rule of thumb is that furniture, appliances and bedding is all disposable and we should be prepared to replace them every couple of years.
Owning a vacation home can be a fun and satisfying way to invest in real estate. Make sure you have good advice, and a good team to help you find the perfect home!
P.S. I am writing this post from my Outer Banks, N.C. beach house. We are spending the weekend organizing, repairing and stocking the home. A vacation home is not without work...but the rewards are worth the effort!
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